Tax credit

tax incentive
(Redirected from Tax Credit)

A tax credit is a tax incentive which allows certain taxpayers to subtract the amount of the credit they have accrued from the total they owe the state. It may also be a credit granted in recognition of taxes already paid or a form of state "discount" applied in certain cases.

A refundable tax credit is where, if the credit exceeds the taxes due, the government will pay back to the individual the difference. A non-refundable tax credit is where, if the credit exceeds the taxes due, the individual pays nothing but does not receive the difference.

QuotesEdit

ordered by date

  • [The US should] dramatically expand its current earned-income tax credit, a form of negative income tax that pays low-earners instead of asking them to pay income tax...
    • JPMorganChase CEO Jamie Dimon "Jamie Dimon just doubled down in supporting a little-known tax that pays poor people", Chris Weller, Business Insider (4 Apr 2017)
  • Note to Republicans: If we raised the federal minimum wage to $15 per hour, expanded the Earned Income Tax Credit, and created jobs in the areas left behind, then Americans wouldn’t need nutritional assistance to feed their families.
  • You get a tax break for a racehorse, why in God's name couldn't we provide an $8,000 tax credit for everybody who has childcare costs? It would put 720 million women back in the workforce. It would increase the GDP, to sound like a wonk here, by about eight-tenths of one percent. It would grow the economy.

See alsoEdit

External linksEdit

 
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